The Division of Financial Institutions, Consumer Credit Section is responsible for licensing and regulating consumer companies/services. These entities include Consumer Installment Lenders, Sales Finance Agencies, Payday Loan Lenders, Debt Management Services, Debt Settlement Companies, Development Credit Corporations, Collection Agencies, Consumer Legal Funding Companies, and Safety Deposit Boxes. The Consumer Credit Section also investigates consumer inquiries and complaints.
Notice Regarding the Consumer Reporting Database and the Predatory Loan Prevention Act (and FAQs about the Act)
On March 23, 2021, Governor JB Pritzker signed Senate Bill 1792, including the Predatory Loan Prevention Act (“PLPA”), into law as Public Act 101-0658. This notice includes reasons why the Department does not intend to take adverse supervisory or enforcement action for violations of certain reporting and title-secured loan requirements. There are also Frequently Asked Questions (FAQs) about Public Act 101-0658 and the PLPA below.
Notice Regarding Settlement Related to the Consumer Installment Loan Act
On or about December 7, 2021, the Department entered in to a settlement agreement related to reporting requirements for entities licensed under the Consumer Installment Loan Act. The settlement agreement is available here.
Pursuant to the settlement, the Department will not begin to enforce the Reporting Admendment until 90 days after 8/1/22. A copy of the notice issued by the Department on 8/1/22 is available here.